Carisma Therapeutics Reports $45.3M in Collaboration Revenues and $44.7M Net Income for Q3 2025

Carisma Therapeutics Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company recorded collaboration revenues of $45.3 million for the third quarter, a substantial increase from $3.4 million in the same period last year. For the nine months ended September 30, 2025, total collaboration revenues reached $49.0 million, compared to $16.0 million for the same period in 2024. This increase is attributed to the recognition of an upfront payment from the Moderna License Agreement and a one-time cash payment of $4.0 million following an amendment to that agreement.

Despite the rise in revenues, Carisma's operating expenses also saw a notable decline, with total operating expenses dropping to $1.4 million in the third quarter from $16.5 million a year earlier. For the nine-month period, operating expenses decreased to $20.3 million from $60.3 million. The company reported a net income of $44.7 million for the third quarter, a significant turnaround from a net loss of $12.7 million in the same quarter of 2024. The nine-month net income was $25.7 million, compared to a loss of $42.8 million in the prior year.

Operationally, Carisma has undergone substantial restructuring, including a workforce reduction of approximately 84% in March 2025, which resulted in severance costs of about $4.2 million. The company has ceased all research and development activities and is focusing on winding down operations and exploring strategic alternatives. This includes the termination of a merger agreement with OrthoCellix due to unmet financing conditions, which has led to a receivable of $1.3 million for a termination fee and expense reimbursement.

As of September 30, 2025, Carisma reported cash and cash equivalents of $2.8 million, down from $17.9 million at the end of 2024. The company has expressed substantial doubt about its ability to continue as a going concern, indicating that its current cash reserves may not support operations for more than a year. The outlook remains uncertain as the company seeks to monetize remaining assets while preparing for an orderly wind down of its operations. Following a delisting from Nasdaq, Carisma's stock began trading on the OTCID market, further complicating its financial landscape.